Happy Tax Day! Now get back to work!
…because you’re not done paying the tax man yet.
“Tax Freedom Day” – when you’ve worked enough to pay your local, state and federal taxes – doesn’t come until Thursday, according to the Tax Foundation, a nonpartisan group. It says it’ll take Americans 108 workdays - 29.4% of the year - to pay $4.22 trillion in taxes this year.
• It takes 32 days of work for Americans to pay their federal income tax bills.
• It takes another eight days are needed to pay state and local individual income taxes.
• It takes 24 more days to pay for taxes that pay for entitlements, such as Medicare and Social Security.
• It takes two days of work to pay federal excise taxes.
• State and local sales and excise taxes require 12 days of work.
• Property taxes require eight more days of work.
• Federal, state and local corporate income taxes take another nine days of work.
• The final six days are needed to pay for an assortment of other federal, state and local taxes.
Speaking of taxes, the White House says President & Mrs. Obama paid $112,000 in taxes on an adjusted gross income of $608,000.
That’s an effective tax rate of 18.4%.
But the Obamas also gave 25% of their income - $150,000 – to 33 different charities. The biggest gift: $103,871 to Fisher House Foundation , which supports military families.
Gun Votes This Week
The odds are still against them, but supporters of tougher gun laws are making progress on Capitol Hill.
The Senate begins debate on the first of several amendments this week. One with a decent chance of success is a measure to broaden background checks for people purchasing firearms.
The bipartisan bill – sponsored by Pennsyvania Reublican Pat Toomey and West Virginia Democrat Joe Manchin would require background checks on all transactions at gun shows or on the Internet. It also would impose penalties on states that fail to update the National Criminal Instant Background Check System on people who are prohibited from buying guns.
Other measures include laws against gun trafficking and straw purchases and increased funding to schools for safety improvements.
Keep in mind, anything that passes the Senate will have an even tougher time in the GOP-controlled House.
Gasoline Prices Continue to Fall
Along with other commodities, gasoline prices falling. AAA says natl. avg. $3.60, down seven cents this week. -.16/month, -.37/year. The price drop reflects the slowing U.S. economy: the International Monetary Fund last week lowered its U.S. growth forecast for 2013 to 1.7%, down from 2.0% .
On This Day: The death of Abraham Lincoln
The president, shot the night before while attending a play at Ford's Theatre, never regained consciousness. His assassin, John Wilkes booth, shot Lincoln to avenge the South's defeat in the Civil War. He was the first of four presidents to be murdered.
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